Ethereum technical analysis: Will the bulls fail at the $250-level again?

ETH/USD daily chart

• The bears have control of the ETH/USD market in the early hours of Tuesday, as the price went down from $248 to $245.40.
• This Monday was very bullish for ETH/USD following two straight bearish days.
• The bulls don’t seem to have enough steam to go past the $250 resistance level.
• The market is trending below the 20-day simple moving average (SMA 20) curve and above the SMA 200 and SMA 50 curves.
• The Elliot oscillator has had 13 straight bearish sessions.

ETH/USD 4-hour chart

• The 4-hour ETH/USD market is trending up in a channel formation.
• The upper and lower curves are trending parallelly, to keep the market volatility consistent.
• The price went below the lower curve before the bulls corrected it.
• The price is trending below the SMA 50 curve and above the SMA 200 and SMA 20 curves.
• The SMA 200 is looking crossover the SMA 20 curve.
• The moving average convergence/divergence (MACD) has had four straight bullish sessions.  

ETH/USD hourly chart

• The market has had a bullish breakout from the red Ichimoku cloud this Monday.
• Towards the end of the Monday session, the ETH/USD hourly market went up from $243.65 to 248.
• Since then, the hourly market has had three straight bearish sessions, going down to $245.25.
• The relative strength index (RSI) indicator touched the overbought zone and then went down to 57.80.

Key levels